Standard Life profit up on overseas expansion

City A.M. Reporter
INSURER Standard Life reaped the benefits of growth at its overseas division to post higher interim profits.

Operating profit before tax from continuing operations rose ten per cent from last year to £182m, helped by growth overseas in areas such as Canada and India.

Net inflows rose 71 per cent to £5.3bn, while the company also raised its interim dividend by 4.8 per cent to 4.35 pence.

Standard Life's earnings follow a set of solid profit increases from Britain's top insurers this month.

Earlier this month, larger UK rivals Aviva and Legal & General posted higher first-half profits and delivered upbeat outlooks, while Prudential is also expected to report a rise in profits.

"Whilst the economic background remains uncertain we believe that the underlying demographic and regulatory trends in our key markets continue to support our future growth potential," Standard Life said in a statement.